Analysts said they believe Safeway would most likely use proceeds from the IPO to pay down debt. Deborah Weinswig, an analyst with Citicorp, New York, said the IPO will enable Safeway to monetize a portion of the Blackhawk business while continuing to participate in its growth. Though Safeway did not disclose how much of the business it would sell, Weinswig estimated it would be in the range of 20% to 30%, with the potential to generate proceeds of more than $750 million, or 10 times ...

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